JPM - Bitcoin Pressure Eases As Profit-Taking Party Winds Down JPMorgan Examines GBTC | Benzinga
The Grayscale Bitcoin Trust (OTC: GBTC) has likely experienced the majority of its profit-taking, suggesting a potential reduction in downward pressure on Bitcoin (CRYPTO: BTC) prices.
What Happened: JPMorgan (NYSE: JPM) analysts, led by market strategy managing director Nikolaos Panigirtzoglou, noted in a Jan. 25 market report that "GBTC profit taking has largely happened already.
"This would imply that most of the downward pressure on Bitcoin from that channel should be largely behind us," the report stated.
This analysis comes amidst record-high daily net outflows from U.S. spot Bitcoin exchange-traded funds (ETFs) on their ninth day of trading.
Since early 2021, Grayscale’s fund has been trading at a discount to its net asset value.
The analysts attribute the fund’s $4.3 billion outflows since its conversion to an ETF ...